The Art of Making CryptoCurrency
IRS issues crypto relief, XRP market update, the Bitcoin quantum computing debate, and more in this Week in Review. Week in Review The IRS announced temporary tax relief for crypto holders on centralized exchanges in 2025. XRP broke key resistance, trading around $2.36–$2.40, with bullish momentum suggesting a potential target of $2.90. In Bitcoin news, […] Source link
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Cryptocurrency exchange Kraken is sending a letter to clients notifying them that after losing a lengthy court case, they will need to turn over sensitive data to the Internal Revenue Service (IRS) after a legal battle that began in May 2021. Surfacing on Reddit this week, the letter follows a summons from the IRS, and is part of an ongoing effort by tax authorities to access information related to cryptocurrency transactions. The IRS had initially demanded a range of records and data related to Kraken’s U.S. clients. In response, Kraken…
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Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly announced a set of proposed regulations focusing on the sale and exchange of digital assets by brokers. The is part of the broader strategy set forth by the Biden-Harris Administration’s bipartisan Infrastructure Investment and Jobs Act (IIJA), in attempt “to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules.” “These proposed regulations would require brokers, including digital asset trading…
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